TechFlow news, November 17: Bitcoin fell below $95,000 on Saturday, down 25% from its October peak, causing a sharp decline in trading volume, according to The Korea Times. Data from CoinGecko shows that Upbit and Bithumb averaged just $1.88 billion in daily trading volume since November, the lowest level this year. This poses a significant blow to both exchanges, as over 98% of their revenue relies on trading fees. Although both enjoyed substantial profits in Q3 amid market recovery—Dunamu's operating profit surged 180% year-on-year to 2.353 trillion won, while Bithumb's jumped nearly eightfold to 70.1 billion won—rising U.S.-China trade tensions, weakening expectations of Fed rate cuts, and the Ethereum hack have shifted market sentiment into "extreme fear." To attract investors, South Korea's top five exchanges have listed 391 new tokens this year, a 47% increase year-on-year, but with limited effect.
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